While major cities tend to lead the way in housing price trends, Intellectual assets analyze Zillo Data released Thursday showed that some U.S. second- and third-tier metropolitan areas are leading home price appreciation.
Personal finance and fintech website SmartAsset ranked the 100 largest U.S. metro areas based on home sales price growth in the year ending in April 2024. , to illustrate the situation since the beginning of the COVID-19 pandemic. The analysis includes single-family homes, condos and co-ops.
“Despite cooling inflation, U.S. home sales increased an average of 6% in April from a year ago,” the report explains. “This suggests that demand for homes remains strong while inventory supply is low. While this market may favor those who want People who are selling their home and moving to a less expensive area, but hopeful first-time buyers can feel the pressure.
SmartAsset found that Wichita, Kansas led the nation in annualized sales price growth of 21.2% in April 2024. Wichita’s five-year price growth rate is 69.1%, ranking ninth in the nation. Sales price increases from $153,347 in 2019 to $259,264 in 2024.
Smaller metropolitan areas across the country account for several of the top 10 markets for one-year home price appreciation. These include Toledo, Ohio (+16.4%); Madison, Wisconsin (+15.3%); New Haven, Connecticut (+12.8%); Grand Rapids, Michigan (+12%); Pennsylvania Harrisburg, S.C. (+11%); and Charleston, S.C. (+10.8%).
Major metropolitan areas such as San Jose and Miami also ranked among the top 10 for one-year sales price growth. SmartAsset notes that “expensive homes in California continue to outpace other markets,” with metropolitan areas such as San Jose, San Francisco, Los Angeles, San Diego, and Oxnard having been among the nation’s five most expensive markets since 2019.
“While this study did not specifically measure the causes of price increases in each metro area, there are many factors that may be at play in any given location,” Jaclyn DeJohn, editor-in-chief of SmartAsset, said in a statement to SmartAsset. house line.
“For example, if existing homeowners lock in low interest rates, such as during a pandemic, they may be less willing to move. New construction may also not be able to keep up with demand, pushing up the price of existing homes. Mobility in different locations is also an important factor , especially as more and more workers become distal. Employment, cost of living, climate, and many other factors can contribute to migration trends in either direction.
Some smaller cities have also seen some of the highest house price growth over the past five years. Knoxville, Tennessee, led all metropolitan areas with a growth rate of 89.5%. Over the five-year period ending in April 2024, the average sales price jumped from $176,407 to $334,279.
Other metros in the top 10 for home price appreciation over five years include North Port, Florida (+79.3%); Tampa (+77.1%); Miami (+76.1%); Boise, Idaho (+71.1); Sen. (+70.1%); Spokane, Washington (+70%); Phoenix (+69.5%); and Palm Bay, Florida (+68.7%).
Some cities bucked the trend and saw prices fall. Cape Coral, FL (-5.3%); Jackson, MS (-3.7%); Birmingham, AL (-1.8%); Lakeland, FL (- between April 2023 and April 2024) Prices declined in Memphis, Tennessee (-0.4%).
